Energy Vault Holdings, Inc.

During the three months ended December 31, 2024, no director or officer of the Company adopted orterminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) if Regulation S-K.

We are providing the following disclosure in lieu of filing a Current Report on Form 8-K relating to Item 5.02 (“Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers”).

Bill Gross Resignation and Dylan Hixon Appointment to the Company’s Board

On March 31, 2025, Bill Gross, who co-founded the Company and has been a director of the Company since 2017, informed the Company of his intent to resign from the Company’s Board effective immediately to pursue other professional interests. There are no disagreements between Mr. Gross and the Company, the Company’s management, or the Board on any matters related to the Company’s operations, policies, or practices. Mr. Gross will continue to support the Company in an advisory role focused on various applications of the gravity technology and energy storage solutions for data center markets.

On March 31, 2025, the Board, upon the recommendation of the Nominating and Corporate Governance Committee, appointed Dylan Hixon as a Class III director to fill the vacancy on the Board resulting from the resignation of Mr. Gross, effective immediately, for a term expiring at the Company’s 2027 annual meeting of stockholders.

As a non-employee director, Mr. Hixon will receive compensation in the same amounts and forms paid to other non-employee members of the Board, as described in the Company’s proxy statement for its 2024 annual meeting of stockholders. In addition, in connection with his election to the Board, Mr. Hixon will receive an equity grant in the form of restricted stock units that have a fair market value of approximately $200,000 based on the average closing price over the fiscal quarter ending on or prior to March 31, 2025. Mr. Hixon has also entered into the Company’s standard indemnification agreement for directors and officers.

There is no arrangement or understanding pursuant to which the Mr. Hixon was appointed to the Board. There are no family relationships between Mr. Hixon and any director or executive officer of the Company as defined in Item 401(d) of Regulation S-K, and Mr. Hixon has no direct or indirect material interest in any transaction or proposed transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.